US jobs picture dims, offsets brighter GDP June 25, 2009 FRESH signs of weakness in US job markets yesterday underlined the strains faced by a recession-struck American economy that contracted slightly less in the first quarter than previously thought. The Labour Department said the number of US workers filing new claims for unemployment benefits last week jumped unexpectedly by 15,000 to a higher-than-forecast, seasonally-adjusted total [...]
Bank of England urges reform to financial policy June 25, 2009 THE BANK OF ENGLAND will call today for an overhaul of the British financial system as a response to the events of the crisis and outline areas where policy changes are needed. The Bank’s biannual Financial Stability Report published today says that conditions have improved but authorities need to strengthen financial system resilience so that [...]
ARE WE STARTING TO SEE SOME GREEN SHOOTS? June 25, 2009 JAMES DONALDSON DRIVERS JONAS, PROPERTY CONSULTANCY“In the housing market we’re seeing a definite growth in the short term. But whether or not that will last is another question. It’s entirely possible it’s only a short term recovery. Consumer confidence won’t bounce straight back into action until the banks start properly lending.” BRIAN RANSLEY COMO, SPECIALIST [...]
Misys reports robust revenue June 25, 2009 Software company Misys said yesterday that total revenue for the year to 31 May rose about 40 per cent to £695m, helped by the creation of its Allscripts-Misys healthcare business in October last year. The company, which also provides solutions for the financial sector, said that total order intake increased by 60 per cent to [...]
Strong order book at Costain June 25, 2009 Construction firm Costain said yesterday its forward order book rose to a record high in the first half of the year, thanks to significant new contract wins. The firm’s forward order book currently stands at £2.4bn, 20 per cent above this time last year. Costain won a number of new contracts over the period, including [...]
Goldshield reports profit spike June 25, 2009 Generic drugs supplier Goldshield Group posted a 72 per cent leap in profits yesterday after announcing on Wednesday it had received a bid approach from an unnamed party. Pre-tax profit for the year rose to £21.3m, while sales were up 16 per cent to £98.4m. Goldshield said it had seen an encouraging start to the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 25, 2009 FINANCIAL TIMES TOYOTA WANTS MORE NIMBLE FIRMAkio Toyoda, the new chief executive of Toyota Motor, yesterday pledged to bring a looser, more nimble management style to the carmaker, which is facing its biggest crisis since Sakichi Toyoda – his grandfather and Toyota’s founder – ran the company six decades ago. Mr Toyoda promised “to do [...]
Spain to offer banks bailout, Russia might June 25, 2009 THE SPANISH government is to establish a €90bn (£77bn) fund for its financial institutions, while Russia is pondering a similar rescue package for its own banks. Spain’s cabinet meets today and is likely to approve a proposal which will see lenders, including those who are not deemed to have capital shortfalls, given access to a [...]
UBS to raise 2.1bn as it warns of loss June 25, 2009 SWISS bank UBS, one of the world’s hardest-hit banks in the financial crisis, said yesterday it would raise about Sfr3.8bn (£2.1bn) of equity capital and warned it would fall to a net loss in the second quarter of 2009. UBS is offering about 293.3m new shares at a price of Sfr13.00 per share, a 6.9 [...]
NOT GUILTY, YOUR HONOUR June 25, 2009 TEXAS financier Allen Stanford pleaded “not guilty” to a $7bn (£4.3bn) fraud last night in a Texas court. Stanford could face life in prison if he is convicted of the alleged fraud, relating to his Antigua bank. A judge set the bail bond at $500,000.